I asked: what would YOUR top three business fundamentals be?
My friends on UK Business forums said:
Business Plan, Research and Research
Stay agile and don’t be afraid to try new things, Keep a heavy focus on service, Get on-line!
Don’t think that just because no one else is doing your idea that it will work. The reason for no one else doing it might be that they’ve all tried before and it doesn’t work.
Don’t expect to take a wage for months or even years.
Expect to work harder than you’ve ever worked before. New start ups always seem to get a shock at just how much work is involved in running a business.
Starting a new business is hard work, the best advise is not to be in a rush to startup, specially if you got a office or shop. As once you move in business rates and rent, will hit you.
Also quite a few new businesses have a few pounds in their pocket, and new business owners have so much to do, starting a new business, other business and people will target you, specially the web designers, designers, advertisers and marketeers. So in the first few months everybody is your friend, but in 6-12 months time, you actually find out who your real friends are, and how lonely running a business can be.
Work out what you actually need and when. And don’t forget these people are in business as much as you, and want to max their profits. And they are more than likely know more tricks than you, so get everything in writing.
Don’t be scared/learn when to say NO! If your quiet you can do other things, renegotiate suppliers, evalute the business, what’s hot what’s not?
Plan… Review plan… Replan.
I was lucky I took over a failing company, with no customer base, supplier relations, in 2 years i’ve upped turnover, moved premises, and seem to keep my head above water.
1 make sure you have the funds to cover your expenses for the first year (as a minimum)
2 dont enter the market based on offering the lowest price, quality counts.
3 dont trust anyone.